Business
Digi International Reports Second Fiscal Quarter 2023 results
Record Quarterly Revenue of $111M, End of Quarter ARR of $99M EPS of $0.16, Adjusted EPS of $0.50 MINNEAPOLIS--(BUSINESS WIRE)-- Digi International® Inc.
About this update from Digi International Inc.
[{"type":"text","content":"\nRecord Quarterly Revenue of $111M, End of Quarter ARR of $99M\nEPS of $0.16, Adjusted EPS of $0.50\n\n\n MINNEAPOLIS--(BUSINESS WIRE)--\nDigi International® Inc. (Nasdaq: DGII), a leading global provider of business and mission critical Internet of Things (\"IoT\") products, services and solutions, today announced its financial results for its second fiscal quarter ended March 31, 2023.\n\n\nSecond Fiscal Quarter 2023 Results Compared to Second Fiscal Quarter 2022 Results\n\n\n\nRevenue was $111 million, an increase of 17%.\n\n\n\n\nGross profit margin was 56.6% versus 54.9%. Gross profit margin excluding amortization was 57.4% compared to 56.3%.\n\n\n\n\nNet income per diluted share was $0.16, up from $0.08, an increase of 100%.\n\n\n\n\nAdjusted EPS was $0.50 per diluted share, an increase of 22%.\n\n\n\n\nAdjusted EBITDA was $24 million, an increase of 22%.\n\n\n\n\nAnnualized Recurring Revenue (ARR) was $99 million at quarter end, an increase of 10%.\n\n\n\nReconciliations of GAAP and non-GAAP financial measures appear at the end of this release.\n\n\n“Digi posted our ninth consecutive record quarter,” said Ron Konezny, President and Chief Executive Officer. “Our fiscal second quarter saw strength across all our business units and geographies. We are nearing the second of our “100” objectives, with Annualized Recurring Revenues likely to be the next achievement. A heartfelt thank you to our customers, partners and teammates in helping us all succeed.”\n\n\nSegment Results\n\n\nIoT Product & Services\n\n\nThe segment's second fiscal quarter 2023 revenues of $86 million increased 20% from the same period in the prior fiscal year. This increase is attributable to growth in each of our product lines. ARR as of the end of the second fiscal quarter was $17 million, an increase of 21%. Gross profit margin increased 100 basis points to 54.9% of revenues for the second fiscal quarter of 2023, due to product and customer mix.\n\n\nIoT Solutions\n\n\nThe segment's second fiscal quarter 2023 revenues of $25 million increased 8% from the same period in the prior fiscal year. This increase was a result of increased sales of both SmartSense and Ventus offerings. ARR as of the end of the second fiscal quarter was over $82 million, an increase of 8%. Gross profit margin increased 450 basis points to 62.4%, due to product and customer mix i...